Cyclone Power Technologies Completes First Milestone Under U.S. Army Development Program
POMPANO BEACH, FL -- (Marketwire) -- 07/17/12 -- Cyclone Power Technologies Inc. (OTCQB: CYPW), developer of the all-fuel, clean-tech Cyclone Engine, announced today that it has successfully completed the first major milestone under its engine development contract with the U.S. Army / Tank Command (TACOM), and its initial billing to TACOM of approximately $500,000 has been submitted and approved for payment.
The Army / TACOM contract is valued at approximately $1.4 million, inclusive of this first payment. The program objective is to develop a Phase I prototype of a highly compact, lightweight 10kW power generator, driven by Cyclone's power-dense, external combustion engine technology. The final product is expected to be compatible for use with multiple lines of combat vehicles either as a built-in auxiliary or dismountable and portable power unit. Cyclone anticipates completing this Phase I contract by June 2013, which may be followed by Phase II follow-on development and funding next year.
Christopher Nelson, President of Cyclone, commented: 'We're very pleased to have completed this first important milestone of our contract with TACOM, which included a technical review in Detroit of the substantial design work and parts production we've accomplished to date. The funding being provided by our customer at this stage of the project will provide a great boost to our development efforts, and should keep us on schedule for delivery next year of a prototype product with many military and commercial applications for small-scale, portable power generation.'
About Cyclone Power Technologies
Cyclone Power Technologies is the developer of the award-winning Cyclone Engine -- an all-fuel, clean-tech engine with the power and versatility to run everything from waste energy electric generators and solar thermal systems to cars, trucks and locomotives. Invented by company founder and CEO Harry Schoell, the patented Cyclone Engine is an eco-friendly external combustion engine, ingeniously designed to achieve high thermal efficiencies through a compact heat-regenerative process, and to run on virtually any fuel -- including bio-diesels, syngas or solar -- while emitting fewer greenhouse gases and irritating pollutants into the air. The Cyclone Engine was recognized by Popular Science Magazine as the Invention of the Year for 2008, and was presented with two Society of Automotive Engineers' AEI Tech Awards. Additionally, Cyclone was named Environmental Business of the Year by the Broward County Environmental Protection Department. For more information, visit www.cyclonepower.com.
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Safe Harbor Statement
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
Disclaimer: Reference herein to any specific commercial company, product, process, or service by trade name, trademark, manufacturer, or otherwise, does not necessarily constitute or imply its endorsement, recommendation, or favoring by the United States Government or the Department of the Army (DoA). The opinions of the authors expressed herein do not necessarily state or reflect those of the United States Government or the DoA, and shall not be used for advertising or product endorsement purposes.
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